Florida consumer sentiment declined in April for the second consecutive month, falling as residents reported weaker views of their personal finances, buying conditions and the broader national economy, according to a University of Florida survey released Tuesday.
The state’s consumer sentiment index fell 3.5 points to 74.6 in April, down from a revised 78.1 in March. National sentiment declined by the same amount over the month.
The drop was broad-based, with all five components of the index declining. Floridians’ views of their current financial situations compared with a year ago fell 4.1 points, from 74.6 to 70.5, while opinions on whether now is a good time to buy a major household item, such as a refrigerator or furniture, declined 2.1 points, from 65.6 to 63.5.
Expectations also weakened. Views of personal financial situations a year from now fell 2.6 points, from 90.8 to 88.2. Expectations for U.S. economic conditions over the next year posted the sharpest decline, dropping 6.4 points from 79.8 to 73.4. Expectations for national economic conditions over the next five years fell 2.1 points, from 79.6 to 77.5.
Hector Sandoval, director of the Economic Analysis Program at UF’s Bureau of Economic and Business Research, said the decline was not unexpected, citing rising gasoline prices, renewed inflationary pressures and strain on household finances tied to the ongoing conflict in the Middle East.
He also noted that Florida’s unemployment rate is now higher than the national average, a trend the report said has not occurred since 2020.
“Against this backdrop, Floridians are feeling less confident about their financial situations, which helps explain the weakening in consumer sentiment,” he said.
The survey was conducted from March 1 to April 23 and reflects responses from 312 Floridians reached by cellphone. The index is benchmarked to 1966, with 100 representing the same level of confidence as that year.
